The Data: Coverage, Periodicity, and Timeliness

Coverage characteristics

Data are disseminated in thousands of New Zealand dollars at face value for
coin mintings. This series represents coin ordered during the year, but not
necessarily in circulation. The series start in 1967.

The Reserve Bank of New Zealand (the central bank) has a legal monopoly over
the right to issue currency. In New Zealand, the New Zealand dollar is legal
tender. As monetary liabilities of the central bank, the currency generally
acts as the unit of account (or numeraire) for New Zealand – ie contracts
are generally denominated in New Zealand dollars and cents (although there is no
legal obligation to do so).

Mintage figures quoted are for circulation coin only and do not include
collector’s sets or individual collector’s coins.

Access by the public

The Statistics Release
Calendar is updated and released on the last working day of the month. This
is a long-term plan of scheduled releases.

Integrity

Dissemination of terms and conditions under which official statistics are
produced, including confidentiality of individual responses

One of the Reserve Bank’s key statutory obligations is to provide New
Zealand’s currency. The information in these tables is provided for
reasons of public interest only.

Provision of information about revisions and advance notice of major changes
in methodology

Provisional data are italicised. Data are deemed provisional when a series is
under review. New data, or revised data, are in bold font. Revisions are
generally published when the table is next due to be updated and released.
Should revisions need to be made more promptly, a note is posted on the
website.

Quality

Dissemination of documentation on methodology and sources used in preparing
statistics

Data are extracted from the RBNZ electronic system for recording movements
(including new issues, re-issues and notes destroyed) in New Zealand
currency.

Dissemination of statistics that support statistical cross-checks and provide
assurance of reasonableness

The Reserve Bank of New Zealand (the central bank) has a legal monopoly over
the right to issue currency and therefore the only provider of currency in New
Zealand.

Additional notes

In New Zealand the Reserve Bank of New Zealand has the sole right to issue
bank notes and coin.

Registered banks pay the Reserve Bank the face value of the currency being
issued to them. These funds are invested in New Zealand government securities,
which are included in local currency financial assets on the Reserve
Bank’s balance sheet to offset the currency in circulation liability.
Currency in circulation is a non-interest bearing liability. However, the New
Zealand government securities investment portfolio asset is interest bearing.
The income directly associated with the issue of currency is referred to as
seigniorage and provides the Bank with its main source of income.

New Zealand currency in circulation in the Money and credit aggregates (Table C1) provides alternative measures of
notes and coin:

where hands of the public also excludes till money of surveyed
institutions

currency includes coins actually in circulation (not based on numbers
minted)

Coin mintings

Coin mintings

The figures for each year represent the face value of and number of coin
orders placed with coin manufacturers or mints. Coins do not necessarily go into
circulation in the same year they are minted. Some mint coin remains in the
vaults of the Reserve Bank, to be available for circulation upon demand. The
Decimal Currency Act, 1964 laid out the migration to a decimalized
system of currency. Decimal coins first appeared in circulation on 10 July 1967.
On 31 March 1989, the issue of 1 and 2 cent pieces ceased. Both coins were
demonetised on 30 April 1990. On 11 February 1991, new $1 and $2 coins were
introduced to replace the $1 and $2 notes. On 31 July 2006, the issue of 5 cent
pieces ceased. The coin was demonetised on 1 November 2006.